MUMBAI: India’s natural rubber imports in May jumped 64 from a year earlier to 34,419 tonnes, the state-run Rubber Board said on Friday, as a drop in global prices prompted local tyre makers to increase overseas purchases.
The south Asian country’s production during the month fell to 53,000 tonnes compared with 59,000 tonnes a year ago, the board said in a statement.
India’s natural rubber consumption in May rose marginally to 83,500 tonnes from 81,325 tonnes, it said.
Indian imports of natural rubber are likely to soar over 70 in the three months that end in June from the same period last year, as a strong local currency and lower global prices prompt tyre makers to snap up cargoes.
